DP World projects Africa as a major growth market

Wednesday, 02 September 2015 04:03

Africa presents big opportunities for DP World, especially due to the upswing in construction. (Image source: JayOwens/Flickr)Ports operator DP World has recorded a 22 per cent increase in profits in the first half of 2015, with highest numbers coming in from Africa, the Middle East and Europe

Profits before tax went up to US$529mn as of 30 June 2015, from US$432mn in the first half of 2014, said the company.

Specifically, Africa is being touted as a major growth market along with Iran and Latin America, according to chairman Sultan Ahmed bin Sulayem. “Africa has a huge global advantage, significant construction activity and we are studying locations for potential expansion,” he added.

As for other locations, DP World is also surveying Iran for port operations and is in talks with authorities for the same. According to Ahmed bin Sulayem, Iran has a good land bridge of rail that can connect the Silk Route from China to Europe.

Based on company feedback, DP World’s profits have gone up also due to its acquisition of logistics firm Economic Zones World for US$405mn.